Friday, October 30, 2020

Foreign reserves rise by $140.9m and now stands at $35.81bn

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The latest figures from the Central Bank of Nigeria has shown that the country’s foreign reserves rose by $140.9m from $35.67bn as of September 1 to $35.81bn as of September 17.

The reserves rose by $65m from $35.59bn as of August 20 to $35.66bn as of August 27.

It had earlier lost $278.91m from $35.87bn on July 29 to $35.59bn on August 19 after which it returned to a growth path.

The CBN disclosed in its economic monthly report for May that the performance of the external sector continued to be undermined by the COVID-19 pandemic and subsequent partial lockdown of economies globally.

The CBN said during the last Monetary Policy Committee meeting that the country’s exchange rate was still being affected by volatility in crude oil prices.